Welcome Finance any dealings???

[LancerQRL]

good question adinicol as my local branch manager seems to have gone even more arrogant and cocksure than he usualy is over my request for ppi repayment

[iwannabedebtfree]

livelylad, forgive me for sounding sooo dumb but what do you mean by the phrase:

 

and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate,

does this mean that when you are quoted they have to give you a seperate rate of interest for PPI? i know im sounding thick but im checking my credit agreements and have PPI information (irronically it says optional PPI) yet the interest rate is for the loan as a whole, no information relating to the interest charged on the PPI

Thanks

Adi

[livelylad]

livelylad, forgive me for sounding sooo dumb but what do you mean by the phrase:

 

and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate,

 

does this mean that when you are quoted they have to give you a seperate rate of interest for PPI? i know im sounding thick but im checking my credit agreements and have PPI information (irronically it says optional PPI) yet the interest rate is for the loan as a whole, no information relating to the interest charged on the PPI

 

Thanks

 

Adi

 

As far as I am aware it means the PPI rate has to be included if it is a condition of being accepted for the loan.

[iwannabedebtfree]

cheers livelylad,

 

from what i can see yes the PPI was shoved in and up went the credit offered! all at a juicy rate of interest, which was not broken down to show whether there was a lower rate for PPI etc or other junk that came as part of the loan

 

Thanks

[TANZARELLI]

Amend this letter to suit.

COMPLAINT & Request for return of PPI Insurance & Interest.

 

Dear Sir or Madam,

 

I took out the above loan for £xxxx on xxxx. When I took it out, I signed up for Payment Protection Insurance. I contacted you to cancel the PPI insurance and was told that this was not possible.

 

 

When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not really want.

 

Since this loan was taken out to refinance a high loan etc I feel that in a time of being financially vulnerable I was pressured into taking the loan protection.

 

 

The cost of the Policy was £xxxx plus £xxxxInterest making £xxxx

 

I request a refund of the policy fee plus any interest paid on the fee.

 

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service, and if need be make a claim via the small claims court to recover the PPI insurance fee + Interest + costs.

 

Yours faithfully,

 

Thanks Livelylad,

 

Thats just what i have been waiting for. This Welcome Thread is a bit slow for responses.

 

Thanks again

 

Tanz

[TANZARELLI]

Also Livelylad,

 

Is it posible to charge contractual interest on this if it gets to the claim stage? As my APR rate is a silly %'age

 

Tanz

[jude6521]

being nosey as i am

 

what is welcome's current policy on PPI refunds?

 

as i had two loans and got taken for a ride with useless PPI's costing me thousands

 

thanks

The policy is that you can cancel your ppi within the first 30 days of you taking the agrement and then they will cancel your deal of the ystem but you will have to resign the docs as you will have a new monthly payment other than that if it is over 30 days you would have to state that you wernt explained it ie the full cost of the insurnace ,the IPT which is insurnace premium tax this is all FSA and you should be told all of this when when you take the loan.as i said before it you cancel after 30 days your monthly payment wont change the amout will be taken off you balance as it is worked pro rata

[jude6521]

As far as I am aware it means the PPI rate has to be included if it is a condition of being accepted for the loan.

Threre is a section when you sign the paper quote it will state the intrest for the insurance but it does not state it on the actual agreement you should be given a copy of the quote and can request one at any time

[livelylad]

This document makes interesting reading. Section 5

 

http://www.fsa.gov.uk/pubs/other/ppi_thematic_report.pdf

[iwannabedebtfree]

oh i was never given a quote, didnt sign anything relating to PPI as far as i recall just the legal charge docs, oh well will look into it

 

thanks

[sandra05]

Hi Jude6521 ,

 

My local branch of welcome had a lot of decent people just doing their job there was only one snotty person who was rather rude. She has now gone but I would have had great satisfaction directing all this at her but we cannot have everything we want.

 

My question if you do not mind is I have only 7 days left before I take court action and was told by new branch manager he would sent a letter explaining he was only willing to refund £70 of the amount being reclaimed but his area manager needed to approve this. This was over 10 days ago. I have also emailed all documentation to www.cad@cattles.co.uk but have had no reply from their either. Do you think they will wait until I action the N1 form at the court before I hear from them.

 

thanks

 

Sandra

[TANZARELLI]

This document makes interesting reading. Section 5

 

http://www.fsa.gov.uk/pubs/other/ppi_thematic_report.pdf

 

Might have to quote some stuff from this for my adapted letter which you posted. Good find, nice one

 

 

Tanz

[carinas]

Hi everyone,

 

Jude your a very brave lady facing this forum!

 

jus to update everyone i never recieved all the information i requested for my SAR, so i have reported Welcome, and instead of waiting and waiting for the information i have sent my claim of for repayment of PPI, Charges and acceptance fees. We shall wait and see what their fob off is, i have already prepared my response to it, printed and in a envelope just waiting until i can post it! I am currently collecting the information i need to challenge the APR's too

 

may i take this opportunity to wish all Welcome fighters a very happy christmas

 

[soli2006]

Hi all - been a while as I've had no correspondence from Welcome until today. I wrote them a follow up letter to my S.A.R - (Subject Access Request) after they replied with incomplete information requesting in particular info. regarding my PPI. They have written back stating that they hold no info regarding that & that it is administered by Direct Insurance and i must write to them (no doubt having to send another S.A.R - (Subject Access Request) if I did, at another £10). Surely as i took the loan with Welcome & they included the PPI, and did all the paperwork, then they're obliged to give me this documentation? Any advice please? As far as i'm concerened its Welcomes legal obligation to supply ALL documents - and that includes the PPI. HELP!!!

 

Also - they've advised what they charge in 'fees' for & how much for each item - but have provided no evidence. What evidence of 'manual intervention' (phone calls, letters, doorstep visits, etc.) am i entitled to ask for, and what do they have to supply? What constitutes 'evidence'?

 

Has anyone got any advice on this please? I don't know what to do next - Welcome are basically saying 'PPI ain't our problem mate' and that they have now complied with the S.A.R - (Subject Access Request). I don't think they have, but need to be certain - and also need help in how to word a response. Also - i havent been given any breakdown of the loan - charges and so on. HELP!!!

[Dipply75]

Hi Soli2006

 

I have already been round the PPI roundabout. I checked with Direct Insurance who only have the basic details on each customer, ie address d.o.b , basic loan details. They only do the admin work on the insurance. I called asking for all my personal info and was told thry don't hold anything like that, asmin of the policy only, like claims etc. I spoke with a manager who explained that each branch sends in the details of a new policy and they just do the admin work from there on. she had no idea about premiums, amounts paid terms etc. So according to her it is all done within the branch, makes you wonder eh? I have posted previously that I have put a complaint into Norwich who also, according to welcome, are the joint data controller. They have no record so far of Welcome, or anything remotely like them. Or even me for that fact.

 

There is a contact no for direct insurance, call them and see what they tell you, they don't have a clue! Anyone else get any further with the actual policy details? They just don't seem to actually exist anywhere!

 

Good luck mate - interested to see what they tell you

[Dipply75]

oops sorry, the contact no for direct insurance is hidden in the T&C's of the policy at the back.

[soli2006]

What Direct hold or don't hold isnt what interests me at this point - my point is that its Welcomes responsibility to give me this info

[falcon185]

Hi Soli,

I'm no expert but if Welcome sold you the policy then they are responsible, I would write back to them insisting the info, failure to do so will result in you taking further legal advise and making an application to the court for the details to be released, you have contacted Direct Insurance and have been informed that they do not hold any of the premium information asd this is held by WELOME at BRANCH level.

Just rattle a few cages ;-)

 

Mewrry Christmas to all Welcome fighters, oh, that includes you too Jude6521, welcome to our party ;-)

[Grapes]

Hi Soli

 

Agree with Falcon, Welcome have to supply the info if they have it. I have read it in an OFT/FSA report somewhere. Will find you the quote if I can and post it.

[iwannabedebtfree]

ive been looking at my PPI and on each occasion the PPI has been for 5 years, yet the terms of the loans have been for ten and fifteen years, is this Welcome knowing that i would settle the loan early and make as much money as they can? or a genuine error which resulted in a mis-sold PPI?

[sandra05]

Hi everyone

 

Just received a letter from Welcome this morning with a cheque for £70.00 so they will be getting the letter thanks but only as part payment letter.

 

On the original paperwork they sent me all the said was fee's with the value next to it. Now I have a more detailed list of all the charges.

 

A letter, refused debit card payment or phone call costs us £5.00

an unpaid direct debit is £20.00.

 

I will keep you updated as N1 form to be filed at court on 27.12.06 if rest is not paid.

[MCBIRNIE25]

Sandra,

interesting that.

I have a letter dated 31st August 2006 from Welcome based in Widnes that for every phone call they charge you £10 with effect from 15th September. So either they are telling lies due to hearing everyone reclaiming charges or each individual Branch is setting their own level of charges which is naughty.

[technique1966]

Sandra, I've just had a letter back saying that they're paying me nothing back on similar charges. LBA due out tonight, should have gone before but been busy. Will get that out and if no result will go MCOL straight away.

[Dipply75]

Hi Soli2006

You're right, it IS welcomes obligation to privide the info, they arranged the insurance and they must hold details on it, I mean they must have paid that premuim to SOMEBODY! Just hoped to save you a trip on the roundabout. Worries me that no-one seems to know anything about a policy I've paid over a grand for. Seems to me that they don't have the details to give and are very worried, good luck

[Grapes]

Had letter to say they need 14 Working days to get me the info I have asked for, I think NOT.... LBA on way. I have a timetable to stick to as well....

Not sure they have the info I am looking for and fed up of being kicked while I am down